20-235. Insurers; financial disclosure;
requirements
A. The director shall adopt rules which require each insurer licensed to write
property or casualty insurance in this state to report its loss and expense experience,
investment income, administrative expenses and other data, as he may require, for classes
of risks which he may designate. Such reports shall be in addition to the annual
statement required by section 20-223.
B. The department may designate one or more rate service organizations or advisory
organizations to gather and compile the experience and data.
C. The director by order may require an insurer authorized to transact insurance in
this state to submit statistical and other financial data including the information
prescribed in subsection A of this section in a form and content consistent with rules
adopted pursuant to subsection A, with any model guideline, regulation, rule or act
adopted by the national association of insurance commissioners or with the classification
basis used by the insurer. The director shall prescribe the time period and form in
which the data shall be submitted.
D. An insurer who fails to provide the information required under subsection C of
this section is subject to payment of a late fee of not more than one hundred dollars
for each day of delinquency. The director shall notify an insurer of late fees that it
will incur as a result of noncompliance with this section at least ten days prior to the
date any such late fees become due.
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